This NY Times article says that it’s important to consolidate accounts. Ideally, you should have no more than 5 accounts. Too many clients bring in long lists of assets and many don’t know what assets they have (often include CDs in banks all the way from Chicago to Crystal Lake).
Consolidation of accounts into the following pattern is ideal: One IRA, One 401k, One non-IRA brokerage account and a checking account. This makes management of the accounts easier. With fewer accounts, titling all of the assets into a living trust is easy. And your successor trustee will thank you when he or she has to take over.
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